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Need value from the Competitor fields on Close Opportunity Form

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Hello,

I have a requirement of displaying the value of Competitor on the Opportunity form when the Opportunity is closed as Lost and also link the Opportunity to the Specific Competitor.

I have applied the following workaround (Time consuming):

Created a new field on Opportunity form and have asked users to fill it in manually. They fill it again on the Close Opportunity Form when they close the Opportunity as Lost.

They go in the Competitor entity, find the Competitor and link the Opportunity manually. 

Please suggest some other alternative for this.

Thank you.


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